Chinese Billionaire: America Will ‘Suffer More’ Than China In Trade War
Founder of Chinese tech titan Alibaba says Us miscalculated
Billionaire and founder of Chinese tech titan Alibaba, Jack Ma, the US will suffer far more than China in the trade war and will end up losing.
Ma insisted that the U.S would inevitably “suffer more” suggesting there is no logic behind Donald Trump's tariffs as a solution to the countries’ trade imbalance.
Speaking at the South China Morning Post in Kuala Lumpur, Ma and Alibaba’s executive vice president Joe Tsai, said the cold war against China is a huge miscalculation that will create misery “all over the world.”
The stark warning comes from a group of top executives of Chinese conglomerate following Ford's announcement of layoffs citing the tariffs imposed during the trade war.
According to SHTP: Tsai went on to say that the U.S. was reacting to its “unfounded fear that China’s rise is somehow going to threaten the national security and well-being of the American people.”
The US economy had in fact benefited from its trade relationship with the US, Ma said, pointing out the Western superpower’s gross domestic product had grown steadily in part because of the outsourcing of jobs to China, according to Forbes.
Tsai also declared the trade war had morphed into a “cold war or a geopolitical war started by the United States.”
And many economists agree.
This trade war will be paid by the American consumer first, and then by the American worker.
Those who think China is “out of bullets” in the trade war had also better prepare themselves for some bad news.
The Chinese government eased the tariffs on non-American goods imported into the country recently to take pressure off the backs of the public.
“It is really ill-advised for the United States to launch a war of some sort…thinking that they can treat China like the way they treated Russia by isolating the economy and bringing on pain,” Tsai said, as reported by the Post.
“We are so integrated that the pain is going to be felt all over the world. Everybody is going to feel the pain.”
And that pain has already started for some in the United States. Coupled with rising interest rates, the cost of living is about to go up while jobs are lost and pay goes down.
In fact, last month, Ma declared that Alibaba would not follow through on an earlier promise to create a million new jobs in the U.S. because “the current situation has already destroyed the original premise” for that pledge.